Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-232"
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"en.20100922.20.3-232"2
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"I am sure that the expert group led by Jacques de Larosière conducted a high quality analysis of the causes of the crisis and its solution at a European level. Despite this, I have some misgivings about the legislative package proposed by the Commission. I can personally imagine the creation of a European Council for Systemic Risk. Such an institution could, in my view, have a certain justification. The Union needs a strategic authority of this type. Moreover, I believe that by its very nature, there is no danger that this institution would be a rampant bureaucratic structure. However, I have a completely different viewpoint on the European System of Financial Supervisors. It is obvious from the proposal that a robust and complex bureaucratic juggernaut is being built, and it is unclear at the present time whether its extensive powers would be implemented at the expense of the powers of Member States. If the European System of Financial Supervisors is not to extend beyond its original intentions, its powers must be formulated so precisely that not even the slightest doubt would arise that daily oversight of the financial markets will remain in the hands of Member States and their independent domestic oversight authorities, and all of this done while preserving the fiscal responsibility of individual Member States. As the legislative package as a whole does not fulfil these parameters, I cannot vote for it."@en1
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